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2022 (12) TMI 674 - AT - Income TaxInitiation of proceedings u/s 153C - existence of incriminating material - HELD THAT:- A statement cannot be considered to be incriminating merely on the basis of questions posed. The questions posed and the reply given are to be considered together to examine whether the statement contains any incriminating material. We have perused the statement of the Assessee recorded u/s132(4) including Questions No. 16, 17, 48, 49, 50, 51 and 53 along with the reply given by the Assessee. We are of the considered view, that the aforesaid statement does not contain anything incriminating. We have also perused the assessment order and the same neither refers nor allude to any incriminating material. The assessment before us is concluded/un-abated assessment, and therefore, no additions could have been made in the absence of incriminating material. Therefore, respectfully following the judgment of the Hon’ble Supreme Court in the case of Sinhgad Technical Education Society [2017 (8) TMI 1298 - SUPREME COURT] and the judgment Continental Warehousing Corporation (Nhava Sheva) Ltd.[2015 (5) TMI 656 - BOMBAY HIGH COURT] in absence of any incriminating material, we set aside the order passed by the CIT(A) and delete all the additions made by the Assessing Officer in the Assessment Order passed under Section 153C read with Section 143(3) of the Act for the Assessment Year 2010-11. Assessee appeal allowed.
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